must ensure that our client's trust in our investment capabilities
is not misplaced and that we maintain the highest performance standards."
Edward C. Johnson
managers have a legal responsibility to make investment decisions on behalf
of all of Fidelitys customers/investors in our mutual funds around the
world, by investing in companies that appear to have the potential for
long-term capital appreciation. Our investment decisions are based primarily
on business and financial considerations. They also take into account
political, environmental and social issues if they are likely to have
a material impact on a company's present or future financial position
or conflict with our ability to manage and develop our investments.
This approach enables
us to take into consideration all the appropriate risks and to make a
balanced judgement on the investment opportunity and act in the best interest
of our customers. Fidelity recognises that there are many political, environmental
or social issues on which some individuals feel strongly, but Fidelity
is obliged to act in the interests of our customers overall - many of
whom may not share the same view, or indeed may hold opposing views.
We do recognise that
some issues of this nature will make a difference to our decision-making
process. However, we also expect that appropriate legal, governmental
and other duly-constituted democratic authorities around the world take
responsibility for addressing political, environmental and social matters
fairly and wisely on behalf of their citizens.
strictly adheres to the laws of the country of which we do business and
follows all rules and regulations applied by official agencies in those
countries. We also expect that all the companies in which we invest will
do the same - and we pay close regard to their record in this respect.